Corebridge Financial Inc. Has $8.96 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Corebridge Financial Inc. lowered its stake in Corning Incorporated (NYSE:GLW) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,530 shares of the electronics maker’s stock after selling 8,755 shares during the period. Corebridge Financial Inc.’s holdings in Corning were worth $8,959,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GLW. Oregon Public Employees Retirement Fund boosted its holdings in shares of Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after acquiring an additional 204 shares in the last quarter. Principal Securities Inc. boosted its stake in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after purchasing an additional 211 shares in the last quarter. Bogart Wealth LLC grew its holdings in shares of Corning by 18.3% during the fourth quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after purchasing an additional 219 shares during the last quarter. Buffington Mohr McNeal increased its stake in shares of Corning by 2.1% in the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP raised its holdings in Corning by 1.1% in the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock valued at $930,000 after buying an additional 220 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GLW. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Barclays reduced their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Corning Stock Performance

Shares of Corning stock opened at $46.60 on Friday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $49.92 and a 200-day moving average price of $47.87. The company has a market cap of $39.92 billion, a PE ratio of 80.35, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, February 28th. Corning’s payout ratio is 193.10%.

Insider Buying and Selling at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.